The Bank Of Jackson Mortgage Rates, Fees & Info

Jackson, TN

LEI: 5493007JWVDRJB3BSH97

Tax ID: 62-1682903

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    The Bank Of Jackson is a smaller bank specializing in Home Purchase loans. The Bank Of Jackson has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top two markets are Jackson and Nashville .

    The Bank Of Jackson has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. The Bank Of Jackson is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    63

    Origination Dollar Volume (All Markets)

    $9,525,000

    Awards

    The Bank of Jackson FHA Loans bronze The Bank of Jackson 30 Year Conventional Loans gold The Bank of Jackson FHA Loans gold The Bank of Jackson 30 Year Conventional Loans silver
    Show all (4) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    JACKSON, TN (FHA|USDA|VA) 59 $8,595,000 $145,678 $3,541 4.20%
    Outside of Metro Areas 3 $695,000 $231,667 $5,236 3.58%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $235,000 $235,000 $3,421 4.25%
    The Bank Of Jackson's top markets include Jackson and Nashville among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against The Bank of Jackson based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    The Bank of Jackson
    Similarity Rank: 63
    First Citizens National Bank
    Similarity Rank: 420
    Leaders Credit Union
    Similarity Rank: 567
    First Horizon Bank
    Similarity Rank: 1644
    NAVY FEDERAL CREDIT UNION
    Similarity Rank: 3540
    FREEDOM MORTGAGE CORPORATION
    Similarity Rank: 3564
    Simmons Bank
    Similarity Rank: 4026
    BancorpSouth
    Similarity Rank: 4700
    MID AMERICA MORTGAGE, INC.
    Similarity Rank: 4940
    MORTGAGE INVESTORS GROUP, INC.
    Similarity Rank: 6222

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 42 $6,640,000 $158,095 $2,574 4.32%
    FHA 12 $1,540,000 $128,333 $5,701 4.00%
    USDA 5 $655,000 $131,000 $4,222 3.72%
    VA 4 $690,000 $172,500 $6,878 3.59%

    For 2019, The Bank Of Jackson's most frequently originated type of loan was Conventional, with 42 originations. Their 2nd most popular type was FHA, with 12 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 50 $8,140,000 $162,800 $3,764 4.06%
    Refi 5 $605,000 $121,000 $2,236 4.02%
    Cash Out Refi 5 $665,000 $133,000 $5,689 4.25%
    Other 2 $60,000 $30,000 $864 6.00%
    Home Improvement 1 $55,000 $55,000 $1,064 6.00%

    For 2019, The Bank Of Jackson's most frequently cited loan purpose was Home Purchase, with 50 originations. The 2nd most popular reason was Refi, with 5 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 38 $6,110,000 $160,789 $4,445 3.89%
    15 Year 14 $2,110,000 $150,714 $2,664 3.69%
    5 Year 7 $795,000 $113,571 $1,164 5.81%
    Other 3 $175,000 $58,333 $1,014 6.08%
    20 Year 1 $335,000 $335,000 $3,341 4.13%

    For 2019, The Bank Of Jackson's most frequently cited loan duration was 30 Year, with 38 originations. The 2nd most popular length was 15 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 36 $6,090,000 $169,167
    $<1k 18 $2,290,000 $127,222
    $2k-3k 5 $605,000 $121,000
    $3k-4k 1 $275,000 $275,000

    The Bank Of Jackson's average total fees were $4,445, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 36 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 40 $6,310,000 $157,750
    4-5% 13 $2,425,000 $186,538
    5-6% 6 $610,000 $101,667
    6-7% 4 $180,000 $45,000

    During 2019, The Bank Of Jackson's average interest rate for loans was 3.89%, while their most frequently originated rate bucket for loans was 3-4%, with 40 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 30 $4,350,000 $145,000 $4,265 3.84%
    $100,000 or less 17 $1,155,000 $67,941 $2,392 4.91%
    $200k-400k 16 $4,020,000 $251,250 $3,614 4.00%

    2019 saw The Bank Of Jackson place emphasis on $100k-200k loans with 30 originations, totaling $4,350,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 18 $2,790,000 $155,000 $3,612 3.77%
    $50k or less 16 $1,680,000 $105,000 $4,621 4.07%
    $100k-150k 12 $2,470,000 $205,833 $3,850 3.92%
    $75k-100k 8 $980,000 $122,500 $2,365 4.62%
    $150k-250k 3 $625,000 $208,333 $2,420 4.29%
    $250k+ 3 $715,000 $238,333 $2,027 4.90%

    The Bank Of Jackson lent most frequently to those with incomes in the $50k-75k range, with 18 originations. The second most popular income band? $50k or less, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 14 $2,160,000 $154,286 $3,524 4.14%
    30-36% 14 $1,940,000 $138,571 $3,895 4.38%
    <20% 8 $1,110,000 $138,750 $2,349 4.33%
    42% 3 $655,000 $218,333 $3,688 3.96%
    38% 3 $465,000 $155,000 $3,720 3.79%
    43% 3 $405,000 $135,000 $4,993 3.50%
    44% 3 $255,000 $85,000 $3,173 4.04%
    46% 3 $515,000 $171,667 $4,036 3.58%
    45% 2 $480,000 $240,000 $2,925 3.44%
    41% 2 $410,000 $205,000 $5,183 3.94%
    37% 2 $290,000 $145,000 $4,108 3.81%
    50-60% 1 $205,000 $205,000 $6,393 3.50%
    47% 1 $205,000 $205,000 $2,534 4.38%
    40% 1 $165,000 $165,000 $2,548 3.75%

    The Bank Of Jackson lent most frequently to those with DTI ratios of 20-30%, with 14 originations. The next most common DTI ratio? 30-36%, with 14 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 49 $7,565,000 $154,388 $3,387 4.19%
    Asian 6 $940,000 $156,667 $3,522 3.54%
    Black 6 $900,000 $150,000 $5,615 4.00%
    Not applicable 2 $120,000 $60,000 $0 6.00%

    Approval Rates

    Total approvals of all applications
    98.65%

    The Bank Of Jackson has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    84.13%

    The Bank Of Jackson has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 63 $9,525,000 $151,190

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 63 $9,525,000 $151,190

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $240,000 $60,000 $1,435 5.77%
    40-60% 4 $550,000 $137,500 $2,435 3.44%
    60-80% 19 $3,325,000 $175,000 $2,767 4.25%
    80-100% 33 $5,185,000 $157,121 $4,621 3.94%
    Over 100% 1 $145,000 $145,000 $7,041 3.50%
    Under 20% 2 $80,000 $40,000 $914 5.75%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    TD BANK US HOLDING COMPANY Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 7 6.9%
    TD BANK US HOLDING COMPANY Conventional home mortgage Closing on a mortgage 10 9.8%
    TD BANK US HOLDING COMPANY Conventional home mortgage Struggling to pay mortgage 7 6.9%
    TD BANK US HOLDING COMPANY Conventional home mortgage Trouble during payment process 34 33.3%
    TD BANK US HOLDING COMPANY FHA mortgage Struggling to pay mortgage 1 1.0%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 4 3.9%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Closing on a mortgage 4 3.9%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Incorrect information on your report 2 2.0%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Struggling to pay mortgage 7 6.9%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Trouble during payment process 13 12.7%
    TD BANK US HOLDING COMPANY Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 1.0%
    TD BANK US HOLDING COMPANY Other type of mortgage Incorrect information on your report 2 2.0%
    TD BANK US HOLDING COMPANY Other type of mortgage Struggling to pay mortgage 2 2.0%
    TD BANK US HOLDING COMPANY Other type of mortgage Trouble during payment process 7 6.9%
    TD BANK US HOLDING COMPANY Reverse mortgage Closing on a mortgage 1 1.0%